Meta Platforms Stock At 52-Week High, Still A Strong Buy?
Portfolio Pulse from Surbhi Jain
Meta Platforms Inc. (NASDAQ:META) hit a 52-week high, trading over $342, with a 174% increase this year and a 210.90% rise over the past year. Despite a high Fwd P/E of 23.5, analysts remain bullish, with Tigress Financial upgrading META to Strong Buy and a $435 price target, and Stifel maintaining a Buy rating with a $405 target. META's shift to Generative AI and strong Q3 earnings, with $34.15 billion in revenue and $4.39 EPS, contribute to its positive outlook.
November 22, 2023 | 6:37 pm
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Meta Platforms reached a 52-week high with significant year-to-date growth. Analyst upgrades and strong Q3 earnings support a bullish outlook, despite a high forward P/E ratio.
The stock's recent performance, coupled with positive analyst ratings and robust earnings, suggest a continued upward trend in the short term. The company's strategic pivot to Generative AI is seen as a positive move by the market, further bolstering investor confidence.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100